iAnthus Closes Acquisition of Citiva Medical

iAnthus Capital Holdings (CSE:IAN; OTCQB:ITHUF) announced the acquisition of Citiva Medical a company holding one of the ten company with a license in the state of New York.

As quoted in the press release:

With the closing of the Citiva acquisition, iAnthus’ regulated cannabis industry operations now span six states, including three of the most populous states on the East Coast (New York, Florida and Massachusetts).

Pursuant to the transaction, iAnthus acquired 100% of Citiva for approximately US$18.0 million, consisting of US$3.6 million payable in cash and US$14.4 million satisfied in iAnthus shares, at a deemed price per share of US$2.57.¹

As one of only ten (10) Registered Organizations under the New York medical cannabis program, Citiva NY’s license includes a cultivation and processing facility and four dispensary locations to be located in Brooklyn, Staten Island, Dutchess County and Chemung County. Citiva’s proposed 2,000 square-foot flagship Brooklyn dispensary is slated to open in Q4 2018, and will be one of only two dispensaries located in New York City’s most populous borough, with 2.6 million residents. Citiva’s Staten Island dispensary, which will be the only Registered Organization serving Staten Island’s 500,000 residents, is also slated to open in Q4 2018. The Dutchess County and Chemung County dispensaries, serving a population of 300,000 and 70,000 respectively, are currently projected to open in Q2 2019.

Click here to read the full press release.

Source: www.marketwired.com